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The Internatıonal Energy Agency (IEA) revised its global oil demand growth forecast downwards by approximately 300 thousand barrels per day. The negative impact of trade tensions on the economy was among the main reasons for this forecast. According to the IEA's Oil Market Report, global oil demand is expected to increase by 726 thousand barrels per day compared to last year and reach 103 million 540 thousand barrels. According to the previous report, this figure was recorded as 1 million 30 thousand barrels. It is thought that the decline in the table may be due to the USA and China, while the other part is expected to be from Asian economies. Global oil demand is expected to decrease by 199 thousand barrels per day in the OECD region compared to the previous year to 45 million 458 thousand barrels, while in non-OECD countries it is expected to increase by 925 thousand barrels per day to 58 million 82 thousand barrels. In 2026, the growth in global oil demand is expected to slow down further. The expected level is 104 million 232 thousand barrels with an increase of 692 thousand barrels per day. According to the Oil Market Report, global oil demand increased by approximately 590 thousand barrels per day to 103 million 600 thousand barrels in March compared to the previous month. When this figure is considered on an annual basis, it corresponds to an incrrease of 910 thousand barrels per day. Thus, OPEC's total oil supply was 33 million 940 thousand barrels per day in March.
In the same period, daily oil production of non-OPEC countries increased by 720 thousand barrels to 70 million 640 thousand barrels. According to the report, the group with the highest increase in production was the Organisation of Petroleum Exporting Countries (OPEC) and countries outside the OPEC+ Group. The oil supply of non-OPEC+ countries increased by 750 thousand barrels per day, while the USA and Canada increased by 470 thousand barrels per day. Production increases were also observed in Norway, Brazil and China.
